KPMG reports: California, Colorado, Missouri, Oregon

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California: The Franchise Tax Board issued guidance addressing whether, for individual (personal) income tax purposes, taxpayers are allowed a credit for the amount of Texas franchise tax paid, and concluding that the Texas tax was inherently a tax on gross receipts, not on income.

Colorado: The Department of Revenue issued guidance clarifying its position on the inclusion of domestic holding companies with no property or payroll in a Colorado combined group.

Missouri: The state’s high court held that under the three factors of the “de minimis test,” fees charged for dance classes were subject to sales tax as fees paid to a place of amusement, entertainment or recreation.

Oregon: The Oregon Tax Court concluded that gain from the sale of subsidiary stock and income from an investment in a holding company are classified as “nonbusiness income.”

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